Today In Digital-First Banking: Gojek Invests In Indonesia’s Bank Jago; China Might Put Limits On Bank-FinTech Partnerships

In today’s top news in digital-first banking, Gojek has invested in Indonesia-listed Bank Jago, while China might place limits on bank and FinTech partnerships. Plus, the U.S. Treasury Department has proposed broad new regulations on digital currency.

Gojek Buys Stake in Indonesia’s Bank Jago

Southeast Asian on-demand services and payments company Gojek has invested in Indonesia-listed Bank Jago. Indonesia has one of the biggest unbanked populations in the globe, with approximately 95 million adults unbanked, or a little more than half of the adults in the nation, and 47 million underbanked per World Bank data. Gojek makes a digital wallet and payments platform named GoPay.

China Eyes Limits on Bank, FinTech Partnerships

China might restrict the number of financial institutions to which any single FinTech platform may connect. Lou Jiwei, the nation’s former finance minister and current advisor to the government, reportedly provided the suggestion. One rationale Jiwei reportedly gave for the potential regulation is that it would prevent the amassing of too much bad debt by a single entity.

US Treasury Proposes Sweeping New Disclosure Rules on Bitcoin, Other Cryptos

The U.S. Treasury Department proposed broad new regulations on Friday (Dec. 18) that the government says would make convertible cryptocurrencies such as bitcoin less attractive to criminals participating in crimes like ransomware attacks. The new rules, if put into place following a comment period, would make banks and some other institutions get and report the identities of entities participating in some digital transactions.

Vendors, Landlords and Banks Start Ending Pandemic Breaks Given to Restaurants

Independent eateries that have staggered through COVID-19 are running out of time, bringing about the potentiality of a tide of closings in the few months to come. Landlords and suppliers that waited patiently for payment in the early months of COVID-19 expect to receive payment. Bankers are getting tougher, while federal loans have dried up.

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